The Matterboard is our weekly assessment of what’s worth your attention and what isn’t. Here’s last week’s edition, here’s an overview of the project, and here’s the full archive.
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Here’s what’s new on The Matterboard:
PAY ATTENTION ⚠️
The Iran war is hitting markets again—but we may be near a crescendo moment and something might break soon. Iran has been trying to sink US Navy warships, and in return the United States has started destroying Iranian oil tankers. That might finally be a winning strategy for the Pentagon. Iran is definitely feeling a lot of pain. Its currency is in free-fall, producing inflation of nearly 90%. Its economy is shrinking by 6%. That hurts ordinary Iranians more than the ruling mullahs, but losing oil revenue can threaten their personal wealth and their grip on the country.
Global oil prices have jumped back to around $100 per barrel, which has contributed to a selloff in stocks. President Trump, who has mistakenly predicted an imminent end to the war dozens of times, now says the war will end after the US midterm elections in November. He’s getting closer. Some of his aides say privately that Iran could hold out till the end of Trump’s second term. Iran probably would if it could, but another two-plus years of an oil blockade and economic ruin may be more than the mullahs can take. Once the midterms are over, it might be an opportune time for them to lock in whatever gains they can.
Record diesel prices. Gasoline prices have risen 40% since Trump launched the Iran war on February 28. But at $4.27 per gallon, they’re still well below the record of $5 per gallon set in 2022.
Diesel prices have risen by 60% since the war started, and they’re at $5.90 per gallon—the highest levels on record. The differential comes from relatively low stockpiles of diesel before the war, the types of oil kept off market by fighting in the region, and a shortage of refining capacity.
Most Americans don’t notice diesel prices, but they’re just as important as gasoline. Diesel is crucial to transportation and food production. The higher cost will show up as higher prices for thousands of everyday products for months to come. Inflation will be here for a while, and maybe get worse.
9-11, 25 years later. About 30% of the US population wasn’t born when the 9-11 terror attacks occurred 25 years ago, in 2001. Those attacks were monumental events that launched the United States into two wars and dramatically changed the course of the nation. Some Americans feel 9-11 fatigue, and wish we would just move on. What we should do instead is continue learning how 9-11 changed the United States, and the world, and bring younger generations into the discussion. Here’s a list of influential books on 9-11. Here’s a list of podcasts. Here’s a list of documentaries. Pick just one, if you like, and take your time. Whatever you learn, share it with somebody.
[The dramatic story of the Pentagon on 9-11]
MIGHT GET SPICY 🤔
Trump’s latest effort to rig the midterm election is to pay every American $5,000 for their vote. But you’d only get the money if Republicans hold onto both houses of Congress. Maybe that’s supposed to compensate everybody for disastrous Republican policies such as starting a war with Iran and putting new import taxes on thousands of goods.
It’s at least the fourth time Trump has promised voters this kind of money for nothing. In case you’re wondering why you didn’t get yours, it’s because none of those plans went anywhere. The new idea would add more than $1 trillion to the national debt and has no chance of happening, because Congress will never approve it. But when you’re deciding which party to vote for in November, think of that imaginary $5,000 … and wonder why the president thinks you are so dumb.
[It’s time to revise the American Dream]
Artificial intelligence doomers have a fresh warning: AI could kill us all by the end of the decade. That’s what AI researcher Jacob Coxon wrote on social media on Sept. 8 after quitting his job at AI giant Anthropic. Like other critics, Coxon says Anthropic and competitor OpenAI are moving too fast, without building adequate safeguards into systems that can “hack anything, revolutionize any field overnight, and acquire real power and resources.” He wants AI development to slow down and AI developers to develop shared protocols, including more moderate “pacing.” Maybe that’s better than moving fast and breaking things.
Trump’s trade war with Canada has intensified, with Canadian tariffs on $20 billion worth of American goods going into effect Sept. 8. That was in retaliation for a similar move by Trump in August. Trump now wants to ban some Canadian products from the United States, including Bombardier jets, alcohol, motorcycles and some dairy products. Every escalation in this dumb trade war concentrates the pain on somebody. Two Republican senators from Kansas, for instance, are fighting Trump’s threats against Bombardier, because the aviation company employs more than 1,000 people in Kansas. You can’t repeat this often enough: Trade wars are stupid.
MAGA spreads to Germany. The MAGA-like AfD party won the largest share of votes in a German state election, propelling the party to newfound prominence. Critics warn it could be the beginning of a Brexit-like revolution in Germany driven by anti-immigration fear-mongering. AfD wants to take Germany off the euro and align more closely with Russia. Its rise signals the widespread belief that Germany isn’t doing enough to rein in immigration, even among more moderate voters. Russian dictator Putin is doubtless cheering, as this could further splinter his fiercest foe—NATO—which is already weakened by Trump’s hostility toward the alliance.
[How Trump’s Canada tariffs could backfire]
RESULTS MAY VARY 🤷♂️
Trump renaming spree. After signing an order declaring that Lake Ontario is now “Lake America,” Trump posted a series of hokey maps on social media showing New Mexico renamed “New America.” His machine seems broken, like an LP that keeps skipping. Trump’s aides must laugh at all of his dumb jokes, making him think he’s a comedic genius. He doesn’t understand that it stops being funny when you make the same joke over and over.
SAFELY IGNORE 🚫
Borefest. Trump and a bunch of other Republicans gave windy speeches at a first-of-its-kind “midterm convention” for the GOP. There were much better ways to spend a couple of evenings. Nicktoons, for instance, ran a SpongeBob SquarePants marathon featuring much more serious content.
Movies aren’t dead. It was a banner summer for in-theater movies, with total box office hitting a record $4.8 billion. Hits included “The Odyssey” and “Spider-Man: Brand New Day.” Studios are releasing fewer movies but charging higher prices. And moviegoers are paying, especially for premium formats such as IMAX, used to shoot The Odyssey. Remember when streaming was supposed to kill movie theaters? Well, they’re not dead yet.
Folding iPhone. Prices for the new iPhone Duo range from $2,000 to $3,200. That’s insane. Many people will buy it, anyway. Unfolding the phone doubles the screen size, making it more like a mini tablet. I don’t want one, but like other late adopters I’ll probably be carrying one around someday. Go, Apple.
Arch to nowhere. Trump’s minions have unveiled plans for a garish “triumphal arch” Trump wants to build near Arlington Cemetery, just across the Potomac River from Washington, DC. We lump this with the White House ballroom, the Kennedy Center, the reflecting pool and other Trump vanity projects: Mock them now and undo them once Trump is gone.
Enjoy a cartoon.
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